Anil Singhvi’s Strategy November 24: Day support zone on Nifty is 12,750-12,825 & Bank Nifty is 28,725-28,850

Amid positive global markets, positive foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and neutral futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Tuesday, November 24, 2020.  

Domestic indices ended with decent gains on Monday, November 23, 2020, tracking positive global cues on hopes of immediate Coronavirus vaccines. The S&P BSE Sensex rose 194.90 points, or 0.44 per cent, to settle at 44,077.15. The NSE Nifty 50 index also added 67.40 points or 0.52 per cent to settle at 12,926.45. However, Bank Nifty lost 211.80 points, or 0.72 per cent, and settled at 29,024.20. 

The broader market at BSE outperformed the Sensex as the BSE Mid-Cap index surged 1.25 per cent while the BSE Small-Cap index appreciated 1.37 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for November 24: 

Day support zone on Nifty is 12,750-12,825 and day higher zone is 12,965-13,000, above that 13,050-13,100 is Profit-booking zone.

Day support zone on Bank Nifty is 28,725-28,850, below that 28,450-28,600 is strong Buy zone.

Day higher zone on Bank Nifty is 29,250-29,400, above that 29,600-29,750 is Profit-booking zone.

The small day range on Nifty is 12,875-12,965, while medium and bigger ranges are 12,825-13,000 and 12,750-13,050, respectively.

The small day range on Bank Nifty is 28,850-29,250, while medium and bigger ranges are 28,725-29,400 and 28,600-29,500, respectively.

FIIs Index long decreased at 69% Vs 70%.

PCR unchanged at 1.57, India VIX up by 6% at 20.80

For Existing Long Positions:

Nifty intraday and closing stop loss are 12,800.

Bank Nifty intraday and closing stop loss are 28,800.

For Existing Short Positions:

Nifty intraday and closing stop loss are 13,000.

Bank Nifty intraday and closing stop loss are 29,500

For New Positions: 

Buy Nifty in 12,800-12,850 range with a stop loss of 12,725 and target 12,900, 12,925, 12,960, 13,000. 

Aggressive traders Sell Nifty in 12,975-13,025 range with a stop loss of 13,100 and target 12,935, 12,900, 12,875.

For New Positions:

Buy Bank Nifty in 28,450-28,600 range with a stop loss of 28,400 and target 28,725, 28,825, 28,900, 29,050.

Aggressive traders can Buy in 28,725-28,850 range with a stop loss of 28,675 and target 28,900, 29,050, 29,175, 29,225, 29,400. 

Sell Bank Nifty in 29,400-29,600 range with a stop loss of 29,800 and target 29,250, 29,175, 29,075, 28,900, 28,850.

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Total 6 Stocks in F&O Ban:

3 Enters In Ban: SAIL, Federal Bank, Adani Enterprises 

7 Out Of Ban: PNB, Idea, DLF, L&T Fin Holdings, BHEL, Canara Bank, RBL Bank

3 Already in Ban: IB housing, Bank of Baroda, NALCO